附件一 1 | 2025年1-6月往来 | 非经营性资金占用 资金占用方名称 | 占用方与上市公司的关 | 上市公司核算的 | 2025年期初 | 累计发生金额 | 2025年1-6月 | 2025年1-6月 | 2025年6月30日 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 联关系 | | | 会计科目 | 往来资金余额 | （不含利息） | 往来资金的利息 | 偿还累计发生金额 | 往来资金余额 | | | | 无 | 现大股东及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | 无 | 前大股东及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 总计 | | | | | | | | | | | 2025年1-6月往来 | | | | | | | | | | | | 占用方与上市公司的关 | 其它关联资金往来 资金占用方名称 | 联关系 | 上市公司核算 ...

招商局公路网络科技控股股份有限公司 2025 年半年度财务报告 招商局公路网络科技控股股份有限公司 2025 年半年度财务报告 二〇二五年八月二十七日 1 招商局公路网络科技控股股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 招商局公路网络科技控股股份有限公司 2025 年半年度财务报告 财务附注中报表的单位为：元 编制单位：招商局公路网络科技控股股份有限公司 2025 年 06 月 30 日 1、合并资产负债表 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 10,359,352,327.64 | 9,249,724,836.53 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 22,330,971.39 | 15,051,379.45 | | 应收账款 | 1,820,762,353.40 | 1,724,869,093.75 | | 应收款项 ...

一、财务公司基本情况 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批准正式成立， 并取得《金融许可证》，是具有企业法人地位的非银行金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 法定代表人：吴泊 招商局公路网络科技控股股份有限公司 关于招商局集团财务有限公司的风险持续评估报告 （2025 年 6 月 30 日） 招商局公路网络科技控股股份有限公司（以下简称"本公司"）查验了招商 局集团财务有限公司（以下简称"财务公司"）《金融许可证》《营业执照》等证 件资料，审阅了财务公司资产负债表、利润表、现金流量表等定期财务报告，对 财务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告 如下： 注册资本：人民币 50 亿元，其中招商局集团有限公司和中国外运长航集团 有限公司分别出资人民币 25.5 亿元和人民币 24.5 亿元，分别占比 51%和 49%。 统一社会信用代码：9111000071782949XA 财务公司业务范围包括：吸收成员单位存款；办理成员单位贷款；办理成员 单位票据贴现；办理成员单位资金结算与收付；提供成员单位委托 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-49 第三届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公路"） 第三届董事会第三十五次会议通知于 2025 年 8 月 20 日以电子邮件等方式送达全 体董事、高级管理人员。本次会议于 2025 年 8 月 27 日上午 10:00 在公司 1101 会议室，以现场及通讯表决的方式召开。本次会议应表决董事 11 名，实际行使 表决权董事 11 名；其中，董事王永磊先生、王胜伟先生、独立董事李兴华先生 以通讯方式出席会议。部分高级管理人员列席会议。会议的召集、召开符合有关 法律、法规和《公司章程》的规定。会议由董事长宋嵘先生主持，会议审议通过 了如下议案： 该议案具体情况请参见《招商公路关于招商局集团财务有限公司风险持续评 估报告》。 一、审议公司《2025 年半年度报告》全文及其摘要。 表决结果：11 名董事同意，0 名董事反对，0 名董事弃权。 表决结果：11 名董事同意，0 名董事反对，0 名董事弃 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025 compared to the same period last year [1] Financial Performance - The company achieved operating revenue of 5.663 billion yuan, representing a year-on-year decrease of 5.36% [1] - The net profit attributable to shareholders of the listed company was 2.504 billion yuan, down 7.56% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.487 billion yuan, a decrease of 7.55% year-on-year [1] - The basic earnings per share were 0.3684 yuan [1]

Summary of Key Points Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 5.663 billion yuan, a year-on-year decrease of 5.36% [1] - The net profit attributable to shareholders was 2.504 billion yuan, down 7.56% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.487 billion yuan, reflecting a decrease of 7.55% year-on-year [1] - The basic earnings per share stood at 0.3684 yuan [1]

招商局公路网络科技控股股份有限公司 2025 年半年度报告 二〇二五年八月二十七日 招商局公路网络科技控股股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人杨旭东、主管会计工作负责人杨少军及会计机构负责人(会计 主管人员)王静声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉宏观及行业分析、公司未来发展战略、经营计划等前瞻性陈述， 不构成公司对任何投资者及相关人士的实质承诺，敬请广大投资者注意投资风 险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和社会 | 26 | | 第五节 | 重要事项 | 29 | | 第六节 | 股份变动及股东情况 | ...

Market Overview - On August 28, the railway and highway sector declined by 0.5% compared to the previous trading day, with China Merchants Highway leading the decline [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Jiangxi Changyuan (Code: 600561) with a closing price of 7.09, up 2.75% on a trading volume of 149,600 shares and a turnover of 106 million yuan [1] - Three Gorges Tourism (Code: 002627) with a closing price of 5.84, up 2.28% on a trading volume of 399,100 shares and a turnover of 231 million yuan [1] - Chongqing Road and Bridge (Code: 600106) with a closing price of 7.35, up 2.08% on a trading volume of 436,300 shares and a turnover of 317 million yuan [1] - Conversely, notable decliners included: - Zhishang Highway (Code: 001965) with a closing price of 10.60, down 2.57% on a trading volume of 368,600 shares [2] - Shandong Highway (Code: 600350) with a closing price of 9.19, down 1.82% on a trading volume of 145,100 shares [2] - Ninghu Highway (Code: 600377) with a closing price of 13.53, down 1.53% on a trading volume of 121,800 shares [2] Capital Flow - The railway and highway sector experienced a net outflow of 99.27 million yuan from institutional investors, while retail investors saw a net inflow of 60.88 million yuan [2] - Key stocks with significant capital flow included: - Daqin Railway (Code: 601006) with a net inflow of 42.16 million yuan from institutional investors [3] - Three Gorges Tourism (Code: 002627) with a net inflow of 15.57 million yuan from institutional investors [3] - Sichuan Chengyu (Code: 601107) with a net inflow of 15.53 million yuan from institutional investors [3]

Shipping Industry - Crude oil freight rates continue to recover, while freight rates for the Europe and America routes are declining. As of August 21, the Shanghai Shipping Exchange's CTFI index was at 1154.72 points, an increase of 8.5% from August 14. The VLCC market is seeing increased transaction volumes, particularly in the Atlantic and Gulf routes, with shipowners maintaining a firm pricing stance despite sufficient available capacity [3][2][1] - For the Europe route, the market is showing signs of weakness, with freight rates dropping. On August 22, the freight rate from Shanghai to European ports was $1668 per TEU, down 8.4% from the previous period. For the US routes, demand growth is weak, with rates from Shanghai to the West and East coasts at $1644 per FEU and $2613 per FEU, down 6.5% and 3.9% respectively [3][2][1] Aviation Industry - In the first half of the year, the number of newly opened international air cargo routes in China increased by over 50%, with international routes accounting for a growing share of cargo volume. By June 30, 2025, a total of 145 new air cargo routes were opened, including 117 international routes, a year-on-year increase of 58.1% [3][2][1] - Baiyun Airport reported a net profit of 750 million yuan in the first half of the year, with total revenue of 3.726 billion yuan, a year-on-year increase of 7.68% [3][2][1] Logistics and New Transportation Models - In the first seven months of the year, the postal industry in China generated over 1 trillion yuan in revenue, reflecting a year-on-year growth of 8.3%. This indicates a steady growth trend in the postal sector, showcasing the resilience of the consumer market [3][2][1] - SF Holding reported a business volume of 1.377 billion parcels in July 2025, with logistics revenue reaching 18.657 billion yuan, a year-on-year increase of 14.97% [3][2][1] Industry Trends - The logistics sector is experiencing a stable growth trend, with the express delivery business volume increasing by 15.04% year-on-year in July 2025, and revenue rising by 8.91% [5][2] - The overall trend for air logistics routes to the Asia-Pacific region remains stable, while domestic shipping rates are rising and dry bulk freight rates are declining [5][2]

Core Viewpoint - The report provides a comprehensive overview of the performance and operational status of the招商公路高速公路封闭式基础设施证券投资基金, highlighting its financial metrics, investment strategies, and the operational performance of its underlying asset, the亳阜高速公路. Fund Overview - The fund is named 招商基金招商公路高速公路封闭式基础设施证券投资基金, with a total of 500 million shares at the end of the reporting period [2]. - The fund's operation is contract-based and has a lifespan of 15 years, with over 80% of its assets invested in infrastructure asset-backed securities [2][3]. - The fund aims to achieve long-term stable cash flow growth from infrastructure projects through active management [2]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund reported total income of approximately RMB 213.71 million and a net profit of about RMB 45.20 million [3]. - The fund's total assets at the end of the reporting period were approximately RMB 4.06 billion, with net assets of about RMB 3.24 billion, resulting in a total asset to net asset ratio of 125.13% [3]. - The cash distribution rate for the period was 3.44%, with an annualized cash distribution rate of 6.93% [3]. Asset Project Performance - The underlying asset, 亳阜高速公路, generated toll revenue of approximately RMB 218.07 million during the reporting period, reflecting a year-on-year increase of 7.49% [4]. - The average daily traffic volume was 15,326 vehicles, a 10.15% increase year-on-year, with passenger vehicles increasing by 14.48% and freight vehicles by 3.52% [4]. - The toll fee structure remained unchanged during the reporting period, and the project has a diversified revenue source with no single major cash flow provider [4][5]. Industry Context - The highway industry in China is entering a mature phase, with a total highway mileage of 549,040 kilometers as of the end of 2024, including 190,700 kilometers of expressways [5]. - The industry is characterized by weak cyclicality, with stable toll revenue due to the essential nature of road transport [5]. - Recent adjustments in toll policies in Anhui province are expected to positively impact toll revenue for the project [6][7]. Regulatory Environment - The Anhui provincial government issued new regulations regarding differentiated toll pricing, which are expected to enhance the project's revenue potential [6][7]. - The fund's management is committed to monitoring the impact of regulatory changes on traffic volume and toll income [7].